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Matter of Colt

Fiduciary Ordered to Repay Excess Legal Fees Paid, Commissions Taken With Interest

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DECISION

*1  After a bench trial in these contested judicial accountings of the proceedings of decedent Alvin Colt’s executor and trustee, the court determined that $520,000 in legal fees was payable from decedent’s assets, and that decedent’s fiduciary must refund any amount in excess of that sum that was paid to his attorneys (Matter of Colt, NYLJ, April 14, 2017, at 22, col 2 [Sur Ct, NY County, File No2008/4673]). In addition, the court directed the trustee to refund $40,088.92 in commissions previously taken by him (Id). Along with a proposed decree settling both accounts, counsel for the fiduciary has submitted an affirmation admitting that the fiduciary had failed to file fiduciary income tax returns for years 2013, 2014, 2015, 2016-and returns will need to be filed for 2017 as well, and that amended U.S. and New York State estate tax returns may need to be filed based on the court’s decision after trial. The affirmation requests court guidance as to how the fiduciary should proceed in view of those open matters.*2

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